1977 (11) TMI 33

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.... value of shares as on the date of gift at Rs. 139 per share. She had gifted 1,000 shares. She, therefore, valued the gift at Rs. 1,39,000. However, she got wise and on October 28, 1968, filed a revised return showing the value of shares at Rs. 104.30 per share. The reduction of the value per share was sought to be supported on the basis that there had been issue of bonus shares by the company and that the company had also paid dividend out of the general reserves of the company and if the value of the bonus shares as well as the amount that had been withdrawn for the purpose of dividend are taken into account, the value of the shares would have gone down to Rs. 104.30 per share. This submission of the assessee has been accepted by the Trib....

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....ill be no error, therefore, if the position as oil the date of the gift is ascertained assuming that the real position is ascertainable. That is the method which the Tribunal has attempted to adopt. It has taken note of, no doubt, as we have stated already, the payment of dividend by the company as also the issue of bonus shares. The complaint by counsel on behalf of the revenue is that the profits made by the company during the year April 1, 1967, to March 31, 1968, had not been taken note of by the Tribunal. Counsel for the revenue also brought to our notice the fact that the balance-sheet of the company as on March 31, 1968, had taken into account the prosperity of the company and had valued the shares at Rs. 156 per share. If, theref....